Aiming to expand in renewables, SSP plans IPO
Sermsang Power Corp (SSP), with shares in local and overseas renewable-energy producers and suppliers, plans to offer up to 276,375,000 shares in an initial public offering following approval by the Securities Exchange Commission.
Aiming to finance expansion both locally and overseas, SSP also expects to list on the Market for Alternative Investment by year-end.
It is running a local solar farm with an installed capacity of 52MW and a contracted capacity of 40MW and building similar farms in Japan, said Manpong Senanarong, managing director of Kasikorn Securities, a financial adviser.
Manpong said SSP’s registered capital stands at Bt922 million, divided into 922 million ordinary shares with a par value of Bt1 each, and paid in at Bt691,625 million.
SSP is a holding company that invests both locally and internationally in renewable-energy power production and supply. It is also engaged in investing in and developing solar farms, windfarms and facilities producing biogas, biomass plants and energy from waste.
SSP chief executive Varut Tummavaranukub said the firm is currently investing in three solar farms in Japan, one of which – the Hidaka Project with an installed capacity of 21MW and contracted capacity of 17MW – is under construction.
That project, 86.9-per-cent owned by SSP and located in Hokkaido Prefecture, will begin commercial operations by the first quarter of next year. The power produced will be purchased by Hokkaido Electric Power under a 20-year agreement with a feed-in tariff rate of 40 yen/kWh, fixed for the entire contract term.
